In recent years we have heard a lot about revolving cards, although it has not been for the better. This financial product has become sadly known for having led many people to ruin. Fortunately, the new jurisprudence of the Supreme Court has put an end to the abuses that banking entities were committing.
If you are paying more interest than the principal of the credit, or if due to many installments you pay your debt barely decreases, it is most likely that you are a victim of an abusive card. If so, from our law firm in Murcia capital we want to explain to you what they are and how claim revolving cards.
What are revolving cards?
A revolving card is a credit card with which you can make purchases or have cash by deferring payment or returning the money in several installments. Through this financial product you can choose whether you want to pay the same installment every month or a percentage of the total debt you have with the credit institution.
And although up to this point everything seems normal, the truth is that it is not, because every time a payment is deferred, very high interest is added to the debt, exceeding 20% APR.
What can you claim from revolving cards?
If you are paying abusive interest on one of these cards, you should know that you can claim the nullity of the contract and the return of the excess interest paid:
- If the money paid is more than what was borrowed, you can judicially claim the nullity of the contract, the excess capital plus interest, insurance and commissions that have been charged to you.
- If you have not yet returned the borrowed capital, you can judicially claim the nullity of the credit card contract, the return of interest, insurance and commissions. You must previously pay the bank the borrowed capital that you have left to pay.
How to claim revolving cards?
El Supreme Court has declared that the interests applicable to revolving cards are usurious. For this reason, many people consider canceling the revolving card contract and claiming the interest that has been charged, abusively, by the bank that issued the card. If this is your case, it is very important that you know that there are different ways to claim revolving cards:
- Claim to the bank. To recover your money, the first thing you have to try is to mediate with the card issuing entity, to try to reach an agreement without going to court.
- Claim through the Bank of Spain. If the claim is rejected or they propose something that does not seem fair to you, you must go to the Bank of Spain to act as a mediator between you and the bank that issued the card.
- Claim through judicial means. Finally, having exhausted the two previous options, you will have no choice but to resort to judicial means to claim revolving card. To do this, you will have to put yourself in the hands of a lawyer specializing in revolving cards to file a claim before a Court of First Instance.
Documentation required to claim revolving cards
- Receipts or settlements. Depending on the entity, they can be received by regular mail or e-mail. If you don't have them, we can help you get them.
- Revolving card contract. Although it is not always necessary, if it is necessary and you do not have it, we will also help you achieve it.
If you have been paying installments for years but the debt never ends, you most likely have a revolving card. If so, we encourage you to contact our team. lawyers specializing in banking law in Murcia. Assert your rights!
